ePharmacy Market

Global ePharmacy Market Size (2022 to 2027)

As per our report, the global ePharmacy Market (Online Pharmacy Market) is estimated to grow to USD 107.5 billion by 2027 from USD 49.43 billion in 2022, growing at a CAGR of 16.81% between 2022 to 2027. Increasing the prevalence of the internet of things worldwide and the growing use of smartphones and tablets are the key factors driving the global online pharmacy market demand.

An ePharmacy is an online pharmacy that operates online and provides medicines to consumers through mail or shipping companies while maintaining patient safety. ePharmacy is also known as an online pharmacy, internet pharmacy, and mail-order pharmacy. CVS, Walgreens, and Amazon Pharmacy are putting significant efforts in the space of online pharmacies. In recent times, one of the progressive technologies in the Healthcare industry is Telemedicine, which has provided a way for people to get healthcare advice through IT. Many technological advances help increase price transparency, raise awareness, find appropriate health service providers, provide reminders of medicines, and inform consumers about pregnancy. Like telemedicine, ePharmacy is another technological innovation that has become a problem solver for delivering contactless medicine during pandemic days. The demand for ePharmacy has significantly increased recently, and the steak is forecasted to continue during the forecast period.

The adoption of online pharmacies is growing significantly worldwide due to the ongoing COVID-19 pandemic. Thus, boosting the growth rate of the ePharmacy market.

Online Pharmacy will be the next huge innovation that will impact billions of lives and make a healthy behavioral change safer and more convenient tomorrow. It is one of the technological innovations that has positioned itself as an attractive model in the online healthcare sector, which is expected to generate huge demand in the future.

The online pharmacy sector is experiencing healthy growth during the Covid-19 pandemic, boosted by lockdown restrictions. In addition, social distancing is a driving factor for over-the-counter and prescription drug purchases over the Internet. A global professional services firm EY report shows that India's potential e-pharmacies market will rise to $18.1 billion (Dh66.4 billion) by 2023 compared to $9.3 billion in 2019. According to Adobe’s analysis, 200% increase in Google Search volumes for COVID-19-related health products.

High unmet needs in emerging economies and the growing penetration of e-commerce worldwide are majorly accelerating the growth.

The growth of the ePharmacy market is further driven by the rising number of Internet consumers, increased access to web-based and online services, and an increase in the implementation of e-prescriptions in hospitals and other healthcare services. The growing scope of e-commerce has made it easy for e-Pharmacy to capture a large customer base in developed and developing countries. This generation relies heavily on the online supply of cosmetics and medicines without a prescription. Furthermore, due to the advent of new information technologies and algorithms, various start-ups worldwide provide a better experience and consumer satisfaction. It is believed that new technologies based on artificial intelligence will ensure better customer satisfaction in the market. All these factors are escalating the growth of the global ePharmacy market.

Rising incidences of chronic diseases and increasing awareness of online pharmacies are to surge growth opportunities for the global ePharmacy market. Furthermore, the market is propelled by the implementation of e-prescription, which is an easy and convenient process for pharmaceutical companies. In addition, government agencies efforts to reach regulatory agreements and ethical practices in e-pharmacy in some major dynamic regional markets are expected to open lucrative business opportunities for the companies operating in the global ePharmacy market.

Y-O-Y rise in fraud activities is slightly hampering the growth of the ePharmacy market.

Security and privacy concerns among people and strict regulations for the sale of prescription drugs through online channels are hampering the growth of the ePharmacy market. Sales of prescription drugs through the electronics industry in North America and Europe are highly regulated. Companies must comply with various rules that could impact the growth of the ePharmacy market. Besides, not all countries have legalized the sale of prescription drugs through websites. It is believed that factors such as the unregulated sale of prescription drugs that could lead to online drug bans will lead to lower revenue in the world ePharmacy Market. Possible confidentiality, improper packaging, and failure to verify drug interactions are other significant challenges that can slow market growth.

REPORT COVERAGE:

This research report on the global ePharmacy market has been segmented and sub-segmented based on the drug type, product type, and region.

ePharmacy Market - By Drug Type:

• Prescription Drugs
• Over-the-Counter Drugs

Based on drug type, the OTC drugs segment witnessed the most significant shares of the market. The rise in the demand for electronic devices rather than traditional techniques is mainly fuelling the growth of the ePharmacy market. The over-the-counter drugs segment has had the most significant growth in the e-pharmacy market since the beginning due to its reliability, lack of prescription, and convenience for consumers to purchase it. Authorized agencies regulate OTC drugs to provide a better substitute for the drug. It contains the same active pharmaceutical ingredients considering safety and efficacy when administrated without a physician consultant. In addition, the OTC drug counter has the available number of general conventional disease medicine types, which consumers quickly take. As a result, the OTC segment had the fastest e-pharmacy market growth in 2019. However, the prescription segment is also increasing significantly due to online prescription demand.

ePharmacy Market - By Product Type:

• Skin Care
• Dental
• Cold And Flu
• Vitamins
• Weight Loss
• Others

The skin care segment is ruling with the highest share of the ePharmacy market based on product type, increasing concern towards the beauty conscious. On the other hand, skincare and nutrition segments are more lucrative segments than others. Nutrition such as vitamins and body gain and loss powder influencing the e-pharmacies market in recent years. Also, female has an enormous demand for skin care products through e-pharmacies.

ePharmacy Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Regionally, North America accounted for the dominant share of the global ePharmacy market in 2021, owing to the emergence of software technology in the medical sector. High adoption of e-commerce, a rising online platform for purchasing products, and rapid population growth are further anticipated to boost the market's growth rate. There are prominent players and developments in pharmaceutical and other life sciences industries that demand e-pharmacies. The U.S. is the largest segment of the e-pharmacies market due to awareness of health and wellness and rising chronic diseases. A reliable internet connection, a growing number of geriatric patients, and a more developed information technology structure will help the market grow in the United States. Recently, the food and drug administration (FDA) has provided more information about e-pharmacy to citizens, significantly influencing the market towards the growth side. Strict government regulations regulate Europe's e-pharmacy market; this country's growth in the e-pharmacy market is moderate.

The Asia Pacific was the second-highest regional market in the worldwide market in 2021, owing to the presence of large patients and the rising population. China and India are substantial population countries with prominent key players accelerating the demand for ePharmacy products in the global market. Changing regulations in the various countries and the rising interest of international players in these markets with the new implementation and rapid penetration of web cloud-based technology will foresee the growth of the e-pharmacy market everywhere.

The Europe ePharmacy market had a substantial global market share in 2021 and hit the highest CAGR in the coming years. Increasing support from the I.T. sector and adopting cloud-based technology in every application is lavishing the demand of the ePharmacy market. The Middle East and Africa are to have prominent shares shortly.

KEY MARKET PARTICIPANTS:

Some of the notable companies playing a crucial role in the global ePharmacy market profiled in this report are CVS Health, Walmart Stores, Inc., Walgreen Co., The Kroger Co., Rite Aid Corp, Lloyds Pharmacy Ltd., Planter, Canada Drugs, Medicate, Express Scripts Holding Company, Secure Medical Inc., Sani care A.B., Doctors Rowlands Pharmacy, Giant Eagle, Inc. AND Optus Rx, Inc.

RECENT HAPPENINGS IN THIS MARKET:

• In March 2019, in India, the National Association of Boards of Pharmacy (NABP) certified 1mg with LegitScript. It is the first company in India to get this certificate.
• In January 2019, a Swedish online pharmacy company focused on expanding its business across Europe by funding USD 5.5 million. In addition, it is to increase its portfolio in the market.
• In November 2016, the Hyperlocal drug delivery app was acquired by Netmeds Marketplace, delivering an application named Pluss for an undisclosed amount.
• In June 2015, the acquisition between Rite Aid Corp and Envision Rx Options made many developments in the ePharmay industry. Mail-order pharmacies, along with prescription medicines, are provided due to this acquisition. With this acquisition, Rite Aid Corp entered the market and led with the most significant shares.